Federal Register: February 26, 2002 (Volume 67, Number 38)
DOCID: FR Doc 02-4535
FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD
Federal Accounting Standards Advisory Board
NOTICE: NOTICES
ACTION: Reports and guidance documents; availability, etc.:
DOCUMENT ACTION: Notice of new exposure draft reclassification of stewardship responsibilities and eliminating the current services assessment.
SUBJECT CATEGORY:
New Exposure Draft Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment
DOCUMENT SUMMARY:
Board Action: Pursuant to the Federal Advisory Committee Act (Pub. L. 92463), as amended, and the FASAB Rules Of Procedure, as amended in October, 1999, notice is hereby given that the Federal Accounting Standards Advisory Board has published a new exposure draft, Reclassification of Stewardship Responsibilities and Eliminating the Current Assessment.
A summary of the proposed Statement follows: On February 19, 2002, the Federal Accounting Standards Advisory Board (FASAB) released for public comment an exposure draft (ED) to amend Statement of Federal Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of the Federal Government; Statement of Federal Financial Accounting Standards (SFFAS) 8, Supplementary Stewardship Reporting, and Statement of Federal Financial Accounting Standards (SFFAS) 17, Accounting for Social Insurance. The amendment proposes that risk assumed information and the CSA be reclassified as required supplementary information (RSI).
Because it is deemed essential to fair presentation, Social
Insurance information would be reclassified as an integral part of the
basic financial statements. The exposure draft includes the Alternative
Views of one Board member. The exposure draft also proposes that the
requirement to report the CSA be eliminated after FY 2003, because
improved timeliness in issuing audited financial statements should mean
that these statements will be available before the President's Budget
is published. The President's Budget is the source of the CSA. The exposure draft, entitled Reclassification of Stewardship
Responsibilities and Eliminating the Current Services Assessment,
Amending Statement of Federal Financial Accounting Standards (SFFAS) 5,
Accounting for Liabilities of the Federal Government, Statement of
Federal Financial Accounting Standards (SFFAS) 8, Supplementary
Stewardship Reporting, and Statement of Federal Financial Accounting Standards
[[Page 8801]]
(SFFAS) 17, Accounting for Social Insurance, will be out for comment until May 19, 2002.
The exposure draft will soon be mailed to FASAB's mailing list of subscribers. Additionally, it is available on FASAB's home page http:// www.fasab.gov/ Copies can be obtained by contacting FASAB at (202) 512 7350, or bramlettr@fasab.gov. Respondents are encouraged to comment on any part of the exposure draft.
Written comments are requested by May 19, 2002, and should be sent to: Wendy M. Comes, Executive Director, Federal Accounting Standards Advisory Board, 441 G Street, NW., Suite 6814, Mail Stop 6K17V, Washington, DC 20548.
SUMMARY:
Stewardship responsibilities reclassification and current services assessment elimination,
DOCUMENT BODY:
Board Action: Pursuant to the Federal Advisory Committee Act (Pub. L. 92463), as amended, and the FASAB Rules Of Procedure, as amended in October, 1999, notice is hereby given that the Federal Accounting Standards Advisory Board has published a new exposure draft, Reclassification of Stewardship Responsibilities and Eliminating the Current Assessment.
A summary of the proposed Statement follows: On February 19, 2002, the Federal Accounting Standards Advisory Board (FASAB) released for public comment an exposure draft (ED) to amend Statement of Federal Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of the Federal Government; Statement of Federal Financial Accounting Standards (SFFAS) 8, Supplementary Stewardship Reporting, and Statement of Federal Financial Accounting Standards (SFFAS) 17, Accounting for Social Insurance. The amendment proposes that risk assumed information and the CSA be reclassified as required supplementary information (RSI).
Because it is deemed essential to fair presentation, Social
Insurance information would be reclassified as an integral part of the
basic financial statements. The exposure draft includes the Alternative
Views of one Board member. The exposure draft also proposes that the
requirement to report the CSA be eliminated after FY 2003, because
improved timeliness in issuing audited financial statements should mean
that these statements will be available before the President's Budget
is published. The President's Budget is the source of the CSA. The exposure draft, entitled Reclassification of Stewardship
Responsibilities and Eliminating the Current Services Assessment,
Amending Statement of Federal Financial Accounting Standards (SFFAS) 5,
Accounting for Liabilities of the Federal Government, Statement of
Federal Financial Accounting Standards (SFFAS) 8, Supplementary
Stewardship Reporting, and Statement of Federal Financial Accounting Standards
[[Page 8801]]
(SFFAS) 17, Accounting for Social Insurance, will be out for comment until May 19, 2002.
The exposure draft will soon be mailed to FASAB's mailing list of subscribers. Additionally, it is available on FASAB's home page http:// www.fasab.gov/ Copies can be obtained by contacting FASAB at (202) 512 7350, or bramlettr@fasab.gov. Respondents are encouraged to comment on any part of the exposure draft.
Written comments are requested by May 19, 2002, and should be sent to: Wendy M. Comes, Executive Director, Federal Accounting Standards Advisory Board, 441 G Street, NW., Suite 6814, Mail Stop 6K17V, Washington, DC 20548.
FOR FURTHER INFORMATION CONTACT
Wendy Comes, Executive Director, 441 G St., NW., Room 6814, Washington, DC 20548, or call (202) 5127350.
Authority: Federal Advisory Committee Act. Pub. L. 92463.
Dated: February 20, 2002.
Wendy M. Comes,
Executive Director.
[FR Doc. 024535 Filed 22502; 8:45 am]
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